Some UK asset finance markets are “writing more new business
than they were before the collapse of Lehman Brothers in 2008”,
according to the Finance & Leasing Association
(FLA).
The announcement was made by FLA director
general Stephen Sklaroff at the Association’s Spring Drinks
Reception, following its annual general meeting.
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First quarter 2012 sub-£20m asset finance
deals were up 13%, year-on-year, including a 26% rise in plant and
machinery finance; an 18% rise in IT equipment finance and 16% rise
in commercial vehicle finance.
“Broker-introduced asset finance and
consumer new car finance are now running ahead of the levels seen
in early 2008, and commercial vehicle finance is not far behind,”
said Sklaroff.
“We now account for 27% of the UK economy’s
annual fixed capital investment, excluding buildings and
own-account software.”
Grim satisfaction
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By GlobalDataCombined with similar, positive figures for
consumer finance, Sklaroff said he took “grim satisfaction” in
recent
Government recognition of FLA initiatives, statistics and the
lobbying work of the Association, in particular regard to the
proposed overhaul of consumer credit legislation and
imposition of a system for deposit-taking markets on a
highly-intermediated sector.
Such work would include the FLA’s
involvement with the National Loan Guarantee Fund and its role
within the new Consumer Credit Stakeholder Group to aid the
replacement of work previously conducted by the Financial Services
Authority and Office of Fair Trading.
The AGM and drinks were also used to welcome
new FLA chairman Philip Ross, general manager of Honda Finance
Europe, who has
taken over from Chris Sutton, managing director of Black Horse.
Ross was previously the chairman of the motor finance division of
the FLA, a role now taken by Peter Minter, managing director of
Moneybarn.
Peter Minter takes part in the Leasing Life
round table, to be published in
June’s issue of the magazine.
